First, pensioners were on the receiving end of some rather sorry news when the government announced changes to the age pension assets test. This saw more than 330,000 aged pensioners have their entitlements cut, with at least 100,000 losing all of their entitlements from January 1.

Now, students look set to be the next to face the financial firing squad, with proposed changes to the welfare system aimed at making jobseekers under the age of 25 ineligible for Newstart.

This latest round of changes come as part of the government's savings bill, which it introduced to parliament on Wednesday.

Rather than be eligible for Newstart, under 25s would instead be shifted onto Youth Allowance under the proposal. 

In real terms, that means a single person living away from home would lose about $90 a fortnight. Youth Allowance is currently $438 a fortnight for someone without a job, aged under 25. Newstart is $528 a fortnight. 

And if you're a job seeker under 25, you will now have to wait a month before you can get access to any payment whatsoever.

And there’s more. To be eligible to receive the payment, the recipient will now be required to be enrolled in some form of study.

The government says the aim of this is to provide an incentive for young, unemployment people to "obtain the relevant education and training to increase employability".

The bill is expected to save Treasury around $7.5 billion - with $4.7 billion of that coming from the phasing out of the Family Tax Benefit end-of-year supplements by July 1 next year. On the flipside, increases to Family Tax Benefit Part A will add $2.4 billion to an overall package of $4.5 billion in new costs, including new child care reforms announced this week.

Those changes to childcare will see the current scheme simplified into one new means-tested payment.

As with all changes like this, there will be winners and there will be some who will feel little or no change at all.

However, there will be some families already doing it tough who will be worse off, and a great number of job seekers who will be feeling the pinch even a little more very soon.

With another rise in private health cover of around 5 per cent looming, living in Australia continues to grow a little more expensive every year.